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Lost Foundation
On a late spring morning in 2013 economics writer, Rand McGreal, stopped at a Seattle restaurant for a leisurely lunch. Shortly after Rand took a seat a stranger entered the nearly empty business. When Rand observed that the stranger was confused by the lack of a maître d’ at the door, he offered an explanation. The two began to converse. When the stranger introduced himself as Richard Cantillon, Rand was intrigued.
Richard Cantillon was the name of a famous Irish economist. Rand wanted to know more about the stranger and his relationship to the real Richard Cantillon since the famous economist was the subject of Rand’s next book project. The stranger proved to be quite versed in the theories of his namesake and Rand took advantage of the opportunity to bounce some question off a devotee of his next book’s subject. Eventually, the two struck up a casual relationship, and Rand offered to give Richard, a British subject, a tour of downtown Seattle.
The stranger insisted he was the real Richard Cantillon. Rand was incredulous, but enjoyed the conversation with the mysterious man about 18th century events and the theories of Richard Cantillon. The stranger’s unfamiliarity with elevators, escalators and glass walled skyscrapers leads to some humorous incidents between the 21st century guide and the 18th (?) century tourist.
The conversations between the two economists are true to the theories of each and provide some interesting insights into current events. The book provides a good introduction into the ideas of Richard Cantillon and how a modern economist applies Richard’s ideas to the 21st century. The conversation is detailed and will leave the reader pondering the ideas of the man acknowledged as the first modern economist. The book ends as mysteriously as it begins, but promises a sequel in the same vein.
Richard Cantillon was the name of a famous Irish economist. Rand wanted to know more about the stranger and his relationship to the real Richard Cantillon since the famous economist was the subject of Rand’s next book project. The stranger proved to be quite versed in the theories of his namesake and Rand took advantage of the opportunity to bounce some question off a devotee of his next book’s subject. Eventually, the two struck up a casual relationship, and Rand offered to give Richard, a British subject, a tour of downtown Seattle.
The stranger insisted he was the real Richard Cantillon. Rand was incredulous, but enjoyed the conversation with the mysterious man about 18th century events and the theories of Richard Cantillon. The stranger’s unfamiliarity with elevators, escalators and glass walled skyscrapers leads to some humorous incidents between the 21st century guide and the 18th (?) century tourist.
The conversations between the two economists are true to the theories of each and provide some interesting insights into current events. The book provides a good introduction into the ideas of Richard Cantillon and how a modern economist applies Richard’s ideas to the 21st century. The conversation is detailed and will leave the reader pondering the ideas of the man acknowledged as the first modern economist. The book ends as mysteriously as it begins, but promises a sequel in the same vein.
- GenresEconomics
190 pages, Paperback
First published September 13, 2013
3 people are currently reading
259 people want to read
About the author
Rand McGreal
6 books5 followersRand writes books about Economics. He bases his own economic theories on his experiences as a senior manager at a national bank, international construction firm, national retail chain and as an executive at an urban commercial developer. Rand holds an MBA and undergraduate degree from Oberlin College. He is currently a lecturer and writer trying to correct the many misunderstandings of how to manage a national economy. His main interest is monetary policy.
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Displaying 1 - 16 of 16 reviews
January 2, 2014
My Dinner with Andre with economists.
Does anyone remember the 1981 film My Dinner With Andre? It was a surprise hit about two men talking over dinner. That was it. But it was utterly fascinating with the two men discussing slightly alternating views on life.
Rand McGreal uses a similar but ultimately fundamentally different conceit to espouse his views of economics. In this fictional essay that is presumably meant to introduce the economic theories of Richard Cantillon to the layman, McGreal is at an impasse on his book about the 18th century economist. While he is sitting in a Seattle restaurant, he is greeted by what appears to be an eccentric homeless person who confidentially has the same name as the economist. But eventually McGreal comes to believe it is the same person and they have a discussion about economics and the financial state of our modern society. Unlike My Dinner with Andre, McGreal and Cantillon are soon walking around Seattle and McGreal is taking as much delight in introducing Cantillon to 21st century America as Cantillon is having correcting McGreal interpretations of his ideas.
In the preface, McGreal warns the reader to "do not judge the book by the vehicle of communication, but the ideas you meet." Well, I'm a book reviewer, not an economist. So the quality of the communication is an essential if not over-riding part of my judgement. But McGreal need not worry for he is an excellent communicator taking ideas that may seem dry to some readers and presenting them in an entertaining way. If McGreal's goal is to popularize the theories of Cantillon, he appears to have a good start. I found this short book very easy to read despite its topic and had a few smiles along the way.
Yet it is clear that the author wishes to persuade too. The economic theories of Cantillon, and of the author's, state that wealth is a product of entrepreneurs not the government. He decries the Keynesian position that government spending and regulation of interest rates will ever produce productivity and relieve us from our financial dilemma. There's a lot more but I think I presented a simple summary well enough. I think it is safe to say the author takes a relatively Libertarian stance on the role of government in free enterprise.
As I said, I'm not an economist. My university background was in Sociology which I would say has an uncomfortable relationship with economics. Most social scientists feel thatsEconomist spend to much attention to abstract numbers rather than to the twists and turns of human nature and social patterns.I'm also sure most economists would disagree with this. Back in the late 70s, a finance analyst friend who was quite knowledgeable in economics told me I knew nothing about the field. He was probably right. But since he also told me that simultaneous high inflation and high unemployment was an impossibility a few months before the nation became entrenched in the simultaneous rise in inflation and unemployment make me wonder about his own knowledge. Of course, I do not hold that against the author. I'm just stating I take economic truths with a grain of salt just as I do other soft sciences including sociology and pyschology. I would wonder aloud to Mr McGreal and ghostly Cantillon whether their viewpoint of entrepreneurship, which makes sense to me to a certain point, still hold when those bastions of free enterprise become multi-national corporations that operate as a government unto themselves. Can it be said that massive corporations primarily produce wealth through products rather than having the only goal of increasing wreath (meaning money in this case) for their constituents in any way, shape or form?
But I digress a bit and I do reveal my own bias which is perfectly fine. The main point is that McGreal writes a fully delightful romp that expresses his views with clarity and insight without being dull. Not only that, but he also gives this admittedly Keynes (and Krugman) biased layman a lot to think about. If you have the slightest interest in economics and the financial state of the world, this is essential reading. Even if you don't, it is worth a try. The ending leaves open the possibility of other dialogues with historical figures in economics and I welcome such endeavors.
One more thing I learned. When in Seattle, hunt down the first Starbucks and look for those Minimus/Maximus food trucks!
Does anyone remember the 1981 film My Dinner With Andre? It was a surprise hit about two men talking over dinner. That was it. But it was utterly fascinating with the two men discussing slightly alternating views on life.
Rand McGreal uses a similar but ultimately fundamentally different conceit to espouse his views of economics. In this fictional essay that is presumably meant to introduce the economic theories of Richard Cantillon to the layman, McGreal is at an impasse on his book about the 18th century economist. While he is sitting in a Seattle restaurant, he is greeted by what appears to be an eccentric homeless person who confidentially has the same name as the economist. But eventually McGreal comes to believe it is the same person and they have a discussion about economics and the financial state of our modern society. Unlike My Dinner with Andre, McGreal and Cantillon are soon walking around Seattle and McGreal is taking as much delight in introducing Cantillon to 21st century America as Cantillon is having correcting McGreal interpretations of his ideas.
In the preface, McGreal warns the reader to "do not judge the book by the vehicle of communication, but the ideas you meet." Well, I'm a book reviewer, not an economist. So the quality of the communication is an essential if not over-riding part of my judgement. But McGreal need not worry for he is an excellent communicator taking ideas that may seem dry to some readers and presenting them in an entertaining way. If McGreal's goal is to popularize the theories of Cantillon, he appears to have a good start. I found this short book very easy to read despite its topic and had a few smiles along the way.
Yet it is clear that the author wishes to persuade too. The economic theories of Cantillon, and of the author's, state that wealth is a product of entrepreneurs not the government. He decries the Keynesian position that government spending and regulation of interest rates will ever produce productivity and relieve us from our financial dilemma. There's a lot more but I think I presented a simple summary well enough. I think it is safe to say the author takes a relatively Libertarian stance on the role of government in free enterprise.
As I said, I'm not an economist. My university background was in Sociology which I would say has an uncomfortable relationship with economics. Most social scientists feel thatsEconomist spend to much attention to abstract numbers rather than to the twists and turns of human nature and social patterns.I'm also sure most economists would disagree with this. Back in the late 70s, a finance analyst friend who was quite knowledgeable in economics told me I knew nothing about the field. He was probably right. But since he also told me that simultaneous high inflation and high unemployment was an impossibility a few months before the nation became entrenched in the simultaneous rise in inflation and unemployment make me wonder about his own knowledge. Of course, I do not hold that against the author. I'm just stating I take economic truths with a grain of salt just as I do other soft sciences including sociology and pyschology. I would wonder aloud to Mr McGreal and ghostly Cantillon whether their viewpoint of entrepreneurship, which makes sense to me to a certain point, still hold when those bastions of free enterprise become multi-national corporations that operate as a government unto themselves. Can it be said that massive corporations primarily produce wealth through products rather than having the only goal of increasing wreath (meaning money in this case) for their constituents in any way, shape or form?
But I digress a bit and I do reveal my own bias which is perfectly fine. The main point is that McGreal writes a fully delightful romp that expresses his views with clarity and insight without being dull. Not only that, but he also gives this admittedly Keynes (and Krugman) biased layman a lot to think about. If you have the slightest interest in economics and the financial state of the world, this is essential reading. Even if you don't, it is worth a try. The ending leaves open the possibility of other dialogues with historical figures in economics and I welcome such endeavors.
One more thing I learned. When in Seattle, hunt down the first Starbucks and look for those Minimus/Maximus food trucks!
May 4, 2014
A discussion between two economists, separated by nearly 300 years!
Rand McGreal's "Lost Foundation" is in a genre all of its own -- a ghost-story-cum-time-travel novel which has at its core a discussion with a long-dead economist, to whom McGreal gives the opportunity to comment on modern economics from an 18th Century perspective.
The dead economist is Richard Cantillon, an adventurous Irish-French banker. The living economist, Rand McGreal himself, happens to share many of Cantillon's ideas on monetary policy -- on the importance of putting money to work in an economy, rather than treating it as an end in itself, on the importance of entrepreneurs in generating the wealth of a nation, on the proper role of banks and governments in regulating the money supply.
Cantillon's ghost -- or is he a time traveller? -- meets Richard in a Seattle bar, and a conversation begins. As they walk around the city, there are several amusing reflections on modern life: Cantillon is introduced to credit cards, skyscrapers, Starbucks, escalators, cell phones and a host of other modern contrivances unimaginable 300 years ago, most of which he greets enthusiastically.
These are fun moments in the book. There are also a few ghostly touches that may induce goosebumps in the susceptible. As a mechanism, it is a splendid way of introducing radical economic theories to a reader who may not think of picking up a traditional treatise on the subject.
The ideas that McGreal introduces are not hard to understand; indeed, they are beguilingly simple. No reader need fear that this book is a difficult read.
However, because the modern Rand and the ghostly Richard share so many ideas, this book comes over as what it should not -- a man talking to himself. They agree on practically everything, even when one explains something new to the other, and this robs the book of some of the dynamism it could have had. It might have been more interesting if Rand had met the ghost of an economist he did NOT agree with, in order to have a lively argument about what the modern world has come to!
This is not to say it isn't a fascinating book. McGreal draws a line from Cantillon, through John Law, Adam Smith and John Maynard Keynes, directly to the modern day, showing how ideas formulated around 1730 (Cantillon, ironically, made his fortune out the Mississippi Bubble, a speculative fiasco) can be applied to the vast, complex modern economies of our own day to prevent recessions and crashes.
This is a fascinating excursion into monetary theory, written by an author who understands his subject very well, and who has some powerfully valid suggestions to make.
Recommended to business-minded readers and those who would like to hear radical new ideas on economics discussed in an entertaining way.
Rand McGreal's "Lost Foundation" is in a genre all of its own -- a ghost-story-cum-time-travel novel which has at its core a discussion with a long-dead economist, to whom McGreal gives the opportunity to comment on modern economics from an 18th Century perspective.
The dead economist is Richard Cantillon, an adventurous Irish-French banker. The living economist, Rand McGreal himself, happens to share many of Cantillon's ideas on monetary policy -- on the importance of putting money to work in an economy, rather than treating it as an end in itself, on the importance of entrepreneurs in generating the wealth of a nation, on the proper role of banks and governments in regulating the money supply.
Cantillon's ghost -- or is he a time traveller? -- meets Richard in a Seattle bar, and a conversation begins. As they walk around the city, there are several amusing reflections on modern life: Cantillon is introduced to credit cards, skyscrapers, Starbucks, escalators, cell phones and a host of other modern contrivances unimaginable 300 years ago, most of which he greets enthusiastically.
These are fun moments in the book. There are also a few ghostly touches that may induce goosebumps in the susceptible. As a mechanism, it is a splendid way of introducing radical economic theories to a reader who may not think of picking up a traditional treatise on the subject.
The ideas that McGreal introduces are not hard to understand; indeed, they are beguilingly simple. No reader need fear that this book is a difficult read.
However, because the modern Rand and the ghostly Richard share so many ideas, this book comes over as what it should not -- a man talking to himself. They agree on practically everything, even when one explains something new to the other, and this robs the book of some of the dynamism it could have had. It might have been more interesting if Rand had met the ghost of an economist he did NOT agree with, in order to have a lively argument about what the modern world has come to!
This is not to say it isn't a fascinating book. McGreal draws a line from Cantillon, through John Law, Adam Smith and John Maynard Keynes, directly to the modern day, showing how ideas formulated around 1730 (Cantillon, ironically, made his fortune out the Mississippi Bubble, a speculative fiasco) can be applied to the vast, complex modern economies of our own day to prevent recessions and crashes.
This is a fascinating excursion into monetary theory, written by an author who understands his subject very well, and who has some powerfully valid suggestions to make.
Recommended to business-minded readers and those who would like to hear radical new ideas on economics discussed in an entertaining way.
February 24, 2014
Bravo! This book should be required reading for Economics 101 starting in high school. The author does not go into great detail of Cantillon economic theory. It would have been nice to understand more consequences based on historic events but in the spirit of how the book was written, it was good. I would recommend this book.
1/24/14 Note: I received this book as a Goodreads Giveaway.
1/24/14 Note: I received this book as a Goodreads Giveaway.
January 16, 2014
I was looking forward to reading this book, as economics has become an amateur passion of mine recently, but I was very let down by this book. The "creative nonfiction" framing of the book—i.e., the notion that Richard Cantillon arrives in modern day Seattle and spends time with the author—was a disaster. It was hard to keep track of who was speaking, and the 18th-century-fish-out-of-water gags were a distraction. The author also had a hard time keeping track of the plot, with Cantillon seeming to know, then not know, then find out what century he was in.
The author clearly also has no problem alienating the portion of his audience he should in fact most want to reach. On page 2(!) he writes, "The liberal drones protecting those porticos of academic arrogance would surely swarm, attack and devour such a presence. A presence that devotees of common sense held precious, but in the gluttonous eyes of the liberal swarm was only a ripe and vulnerable carcass easily dissected in their academic labs." So, if you consider yourself in any way a liberal or an academic, you are clearly persona non grata.
The book lays out some basic-but-interesting ideas of Cantillon, though they are gratingly presented. The structure of the book is also a kind of literary feint, in which McGreal sets up the fictionalized Cantillon as a wise economist who just happens to find McGreal to be brilliant and insightful—when, of course, it is just McGreal talking to himself.
Those interested in Cantillon's ideas would be better served checking out the bibliography on Cantillon's Wikipedia page, which includes a fair number of links to freely-available and better-quality discussions of Cantillon and his ideas.
Note: I received a free copy of this book as part of a book giveaway.
The author clearly also has no problem alienating the portion of his audience he should in fact most want to reach. On page 2(!) he writes, "The liberal drones protecting those porticos of academic arrogance would surely swarm, attack and devour such a presence. A presence that devotees of common sense held precious, but in the gluttonous eyes of the liberal swarm was only a ripe and vulnerable carcass easily dissected in their academic labs." So, if you consider yourself in any way a liberal or an academic, you are clearly persona non grata.
The book lays out some basic-but-interesting ideas of Cantillon, though they are gratingly presented. The structure of the book is also a kind of literary feint, in which McGreal sets up the fictionalized Cantillon as a wise economist who just happens to find McGreal to be brilliant and insightful—when, of course, it is just McGreal talking to himself.
Those interested in Cantillon's ideas would be better served checking out the bibliography on Cantillon's Wikipedia page, which includes a fair number of links to freely-available and better-quality discussions of Cantillon and his ideas.
Note: I received a free copy of this book as part of a book giveaway.
January 10, 2014
Lost Foundation is a very interesting and informative book. It was a work of economic fiction, and may be in that genre on its own. It presents the economic theories of Richard Cantillon, who is considered the father of economics in a conversation between Cantillon and the author after Cantillon is somehow transported through time and space from Surinam to Seattle. Some of the ideas are at odds with what is generally taught in modern economics classes, but they are presented in such a way that they are believable. It is also interesting to speculate on how a person from the 18th century might react to everyday things that we take for granted, such as cell phones, escalators, and modern golf balls. It was very amusing.
December 31, 2013
Lost Foundation is a book that is about McGreal's experience with Richard Cantillon, an economist from the 18th century. In this book, McGreal recalls the event and allows the reader to read the dialogue exchanged between the two of them. The dialogue is mainly about the aspects of the economy from different places in time and the difference between today and the past.
I thought this book was interesting, to say the least. It's very informational and it was entertaining. I've learned much from this book and didn't get bored of it.
I thought this book was interesting, to say the least. It's very informational and it was entertaining. I've learned much from this book and didn't get bored of it.
January 6, 2014
Easy and quick read on economics, and the economic philosophy of Richard Cantillon.
Interesting set-up for the story: The author meets the "ghost" (??) of Cantillon in Seattle, and they have a discussion about economics, as Rand is working on a book about Cantillon.
They have a conversation while Cantillon gets a personal tour of Seattle from McGreal (our book's author). Rather unique way to present some economic teaching. As I said, it is a relatively easy and quick read, and the information presented made a lot of sense.
Rather abrupt ending, I thought, and it ended with an opening for at least one further book about another economist, Jean Baptiste Say.
Interesting set-up for the story: The author meets the "ghost" (??) of Cantillon in Seattle, and they have a discussion about economics, as Rand is working on a book about Cantillon.
They have a conversation while Cantillon gets a personal tour of Seattle from McGreal (our book's author). Rather unique way to present some economic teaching. As I said, it is a relatively easy and quick read, and the information presented made a lot of sense.
Rather abrupt ending, I thought, and it ended with an opening for at least one further book about another economist, Jean Baptiste Say.
April 15, 2015
Very non-economist friendly economics book to read. I like the narrative and story telling mode the author engaged in the conversation with his ghost economist. The whole point of the book is prosperity is not based on having tons of money to spend, but having the ability to create wealth-making mechanisms. There are subtle differences between making money and creating wealth and many people, including the government and politicians, got that wrong. This, the author said, has to be righted.
February 24, 2014
I won this book as part of a Goodreads First Reads giveaway. The book is about a meeting between the author and Richard Cantillion, a noted economist. Through a fictional meeting, the author presents key economic principles of Cantillion, including how today's economics differ. It was very easy to read, and the author did a good job explaining some technical economic theory.
June 16, 2014
The book is about the theories of Richard Cantillon, an 18th century economist. It is written in an entertaining format. He (Cantillon) shows up in modern day Seattle and has a chance encounter with an economics writer in a restaurant. The book details their conversations, and throws in quite a bit of humor as well. You will learn about economic theory while being entertained.
January 1, 2014
What a different book - it was very interesting. Learned alot from it. There were a number of humorous moments throughout the book. Learned smethings about economy.
Would recommend this to anyone at this time who needs or wants a good fast read
Would recommend this to anyone at this time who needs or wants a good fast read
January 21, 2014
Loved this book. Should be required for our kids to study this in high school. I only wish this book were read by the media and everyone of our politicians. Since FDR made Keynesian economics his focus, everyone has adopted these ruinous policies.
September 15, 2014
I enjoyed the book and loved the message. The average person should understand how it's impossible for governments to realize strong economies through stimulus because politicians will always use that fraudulent argument to rationalize tax raises and increased government.
January 30, 2014
I liked this book, it was an interesting read. It was a quick read (although it took me a month to finish lol) and I would recommend it to anyone wanting to get another prospective on the economy.
August 25, 2014
Concise presentation of economic principles in a clear and entertaining manner.
May 25, 2020
It was hard to put down.
Displaying 1 - 16 of 16 reviews